Craftsman Triplex with
For Sale
$700,000
2703-2705 PALMER Avenue, New Orleans, LA 70118
Multi-Family, Craftsman, New Orleans, LA
Property Size3,191 SF
Lot Size0.13 Acres
Price / SF$219.37
Days on Market81
Property Features for 2703-2705 PALMER Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Driveway, Off Street
Exterior features
Fence
Fencing
Fenced
Lot features
Regular
Subdivision
Uptown
Standard status
Active
APN
615208605
Size
3,191 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Description
BURTHEVILLE SQ 122 LOT C 48X118/123 2703-05 PALMER DU-W FILE #92085 2/07 FILE #92085 2/07
Legal Description
BURTHEVILLE SQ 122 LOT C 48X118/123 2703-05 PALMER DU-W FILE #92085 2/07 FILE #92085 2/07
Utilities
Heating system
Central
Cooling system
Window Unit(s), Central Air
Water source
Public
Amenities
in-unit laundry
balcony
backyard
Building Details
Year built
1950
Floors in Building
1
Number of units
3
Roof type
Shingle, Metal
Architectural style
Craftsman
Listing Agency:
REVE, REALTORS
(504) 300-0700
Listed By:
Katherine Bosio
(504) 756-2088
Added: Jun 12
Changed: Aug 25
Last Checked: Aug 31 at 6:06PM
MLS# 2560341
Copyright © 2026 New Orleans Metropolitan Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,191-square-foot Craftsman triplex, built in 1950, combines a five-bedroom residence at 2703 with two one-bedroom apartments at 2705. The larger unit includes two living areas, hardwood floors, in-unit laundry, and a balcony added in 2024; it is currently vacant. The property also offers fresh interior paint, recently replaced water heaters, central heating, central air, and window unit cooling. A shingle and metal roof is approximately six years old.
Set on a 0.1328-acre fenced lot along an oak-lined street, the property has dual driveways, off-street parking, and a spacious backyard. Its New Orleans location is described as minutes from Tulane and Loyola Universities, with a public water supply serving the property. The three-unit layout supports separate residential occupancy across the two addresses while retaining shared site features.
Set on a 0.1328-acre fenced lot along an oak-lined street, the property has dual driveways, off-street parking, and a spacious backyard. Its New Orleans location is described as minutes from Tulane and Loyola Universities, with a public water supply serving the property. The three-unit layout supports separate residential occupancy across the two addresses while retaining shared site features.
Key Highlights
- 3,191 SF Craftsman triplex built in 1950
- Five‑bedroom unit at 2703 is currently vacant
- 2705 includes two one‑bedroom apartments
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$40,406
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.77%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$808,120
$808.1K
Cap Rate 7%
$577,229
$577.2K
Cap Rate 9%
$448,956
$449.0K
Market Conditions
NOI Build-Up for 3,191 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$63.2K $19.80/SF
− Vacancy
−$5.5K −$1.71/SF
EGI
$57.7K $18.09/SF
− OpEx
−$17.3K −$5.43/SF
NOI
$40.4K $12.66/SF
Area
New Orleans, LA
Vacancy
8.64%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$808,120
Cap Rate 7%
$577,229
Cap Rate 9%
$448,956
Alternative Uses
Best Use
Multifamily LT 5
$577.2K
$505.1K – $673.4K
NOI $40,406 @ 7.0% cap · market cap 5.77%
Second Best
Apartment 5plus
$530.6K
$464.3K – $619.0K
NOI $37,140 @ 7.0% cap · market cap 5.31%
Theoretical Best
Office A
$811.0K
$709.7K – $946.2K
NOI $56,773 @ 7.0% cap · market cap 8.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,162
Businesses Nearby
Explore this area
Business Placement
Demographics for 70118, LA
35,635
Population
15,464
Households
2.3
Avg Household Size
31
Median Age
54%
College-Educated
92%
High-School Grad
4.6 sq mi
ZIP Area
7,747
Density / Sq Mi
$62,665
Median Household Income
$28,199
Median Earnings
$1,257
Median Rent
$451,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit configuration includes a vacant five-bedroom residence and two additional one-bedroom apartments.
Where is this triplex located?
The property is located at 2703-2705 PALMER Avenue New Orleans, LA.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: 3,191 SF Craftsman triplex built in 1950; Five‑bedroom unit at 2703 is currently vacant; 2705 includes two one‑bedroom apartments
